NBC : The Wide gap between renting and owning in Bay Area
Source : NBC : The Wide gap between renting and owning in Bay Area
TLDR : The Monthly cost saved when renting versus owning a home : I am stating the math laid by NBC for today.
- $3438 saved for San Jose.
- $2212 saved for San Francisco.
- $1292 saved for Seattle
- $1160 Saved for New York
- $415 saved Nationally.
Don't let the Media or Agents say renting is a derogatory "something you can afford" mindset.
I never said home ownership was a Foolish Endeavor, I am just laying out the numbers NBC posted that are relevant for today and moving forward.
The people posting who have locked in their early PROP 13, low interest rate, or have owned your house for awhile are only posting and voicing their opinion in HINDSIGHT.
*EDIT*
For those that say "you layer in tax benefits like mortgage interest and property tax deductions" as a potential valid reason to own.
I dare you to run the math on a Million Dollar or more Loan at 5% or MORE APR which will bleed you into 50K + on the interest money LOST for the first few years.
This will only be saving you 20k in tax deductions (750k Cap on interest deductions remember; not everyone has PROP 13 in hindsight rates or pre-2017 unlimited mortgage deductions) this CLEARLY does not have a any logical reasoning until the loan interest goes below 20K+ a year to even out the possible maximum deduction on the interest.
Remember Standard deduction is already 30k+.
*This topic is regaining momentum 88.8% Up/V Rate *